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Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besides the exhibition includes a number of conferences, receptions and events that will once again be attended by a truly international crowd. While the preparation fever is expected to hold, market developments keep taking place on the dry bulk side, with activity so far in the year shaping expectations for what could be probably coming ahead as well. Since the beginning of 2018 we count around 230 second-hand sales on the dry bulk sector, which is a healthy number indeed, while newbuilding contracting has also seen steady numbers.
Out of those 230 bulkers that changed hands during the past months, 100 where built in China. Most of the buying interest focused on Handysize up to Ultramax tonnage, with this dwt range counting 160 sales. Indeed buyers where showing much more interest in inspecting such vessels compared to Panamaxes and Capes.
A 2007 built Handysize vessel for example had lured the interest of 6 different buyers, while during the same period a ten year old Panamax had only seen interest by three parties. This also explains why Handysize asset values have been moving upwards during the past two-three months. We recently saw a 38kdwt non-Japanese bulk carrier built in 2011 being sold for USD 11.3 million and a 33kdwt Japanese unit built in the same year fetching more that USD 15 million. Both these prices are indicative of the increasing popularity Handysize vessels above 33kdwt are currently enjoying.
Interest has also been witnessed for Supramax/Ultramax candidates. Chinese built Supras in particular have witnessed a lot of activity, with prices inching up as a result compared to the beginning of the year. Japanese tonnage of this deadweight range has also been popular. The Supramax second-hand market has been somewhat split in two different categories, both enjoying firm momentum. On one hand small Supras (50-52kdwt) built in the early 2000’s that were sold to Chinese owners just in time for CCS import and on the other hand bigger vessels (55dwt+) built during the years 2006-2012 that have been particularly popular as well. A representative example of the later is the sale of the M/V DARYA VISHNU (56kdwt, blt’ 06 Japan that was sold for a price in excess of USD 13 million. About a year ago a sister ship of the M/V DARYA VISHNU had fetched circa USD 10 million, while the same vessel was sold at the end of 2017 slightly above USD 11.5 million.
Depending on the condition of the vessel and its respective surveys position, the appreciation in Japanese Supramax vessels since the beginning of the year is calculated at around 20%. It will also be very interesting to see how asset prices for Japanese Supras built 2009 onwards will shape given the fact that there are very few candidates fitting the above description. We recently saw the M/V EM SAPPHIRE (54kdwt, blt ’09 Japan), one of the very few candidates within this age range, being sold close to USD 15 million.
Prices appear to be on the rise again and the performance of the freight market during the summer season will definitely help shape expectations for the last quarter of the year.
By George Iliopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- The University of Queensland
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
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